The critical reason that Congress should take a pass on this much-too-late effort to address currency manipulation is that it would likely abort our chance for a really beneficial free-trade agreement with Pacific Rim nations, which would bring us must better access to many growing markets. If there were a good time to do this, it was many years ago.

America's workers deserve a government that will fight for them in the trade arena. And the Obama administration should act boldly, instead of offering more of the same. That won't happen, though, unless the White House pursues an aggressive trade agenda that places the focus squarely on lowering the trade deficit.

We haven't heard much about currency manipulation lately, but according to my friend C. Fred Bergsten of the Peterson Institute for International Economics, it was and remains a major threat to the international monetary system.

The President will be speaking about rebuilding America's middle class from the depths of an Amazon warehouse in Tennessee. His message and the site from which he'll deliver it are dissonant, given Amazon's prominence as a massive importer and employer of temporary workers.

It's past time for America to stop being a spectator to global trade abuses, with our hands bound by either our diplomatic sensitivities or corporate short-sightedness in valuing short-term profits over the long-term viability of our national economy.

The latest noteworthy example of China's protection of its industries -- and its 'rest of the world be damned' behavior -- is it's allowing its steel industry to duck yet another global environmental initiative.

All of a sudden Congress, or at least the Senate, is on the brink of enacting some sort of legislation intended to retaliate against China for its currency manipulation. For me, to borrow a line from Yogi Berra, it is "déjà vu all over again."

The linkage between monetary policy and oil prices raises questions for how a consistent domestic energy policy can be implemented if critical energy market price signals are distorted by linkages with monetary policy.

China will almost certainly continue to make its economic presence felt over the next decade; even though this concerns many players in the global markets, it's not in anyone's best interest to condemn Beijing.

Congressional action on China's cheating looks increasingly likely. The chances for passage of a bipartisan bill in Congress that would deter China from manipulating its currency have improved dramatically.